U n ive r s i t y o f V i rginia. Health Savings Account

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1 U n ive r s i t y o f V i rginia Health Savings Account

2 Welcome to Chard Snyder Today

3 An employee benefits solution provider since 1988 Currently service nearly 1,400 companies nationwide Empowering you to make the most of your money today and tomorrow

4 What is a Health Savings Account A Health Savings Account (HSA) is a special bank account you put pre-tax money into to pay for eligible expenses You own the account Savings on eligible items and services Lower your taxable income

5 The HSA Gives You Three Ways to Save 1 Save Money by Contributing Tax Free 2 Use Your Health Savings Account Tax Free 3 Build a Healthcare Retirement Nest Egg

6 The Benefits of Enrolling in The HSA Advantage TM The HSA Advantage Gives you Control of Your Money Pay for qualified medical expenses for your family Investment opportunities to save for retirement You own the account it goes with you After age 65, no IRS penalty for using funds for non-healthcare purchases (taxes may apply) Contributions from your employer

7 Who is HSA Eligible? Must have insurance coverage in a consumer-driven High Deductible Health Plan only Have no other first-dollar medical coverage Self or spouse is not enrolled in a full healthcare FSA Not claimed as a dependent on another person s tax return You (the employee) are not enrolled in Medicare or have not received veteran s services in the past three months that are non-service related You have not already made maximum contributions to another HSA

8 Employer vs. Employee HSA Contributions Employer Contributions Automatically deposited into your HSA through payroll This year you will receive: $1,000 for single coverage $1,500 for single plus one or family coverage Employee Contributions You choose if you would like to contribute The amount you choose is deducted from your paycheck tax-free Can be changed anytime during the year Your annual contribution amount cannot exceed IRS annual limits (Employer and Employee Combined)

9 How Much Can I Contribute? The total amount you can contribute to your HSA in a calendar year is determined by the IRS These amounts include Employer AND Employee contributions An additional $1,000 is allowed for those 55 and over Single $3,450 Single $3,500 Family $6,900 Family $7,000 If you have an Individual or Family limit, your family (tax-dependents and spouse) may use your HSA funds

10 What are the HSA Eligible Expenses Where Can You Use Your HSA Funds? The IRS sets the rules on what services and items are eligible Eligible Expenses Chiropractors Contact Lenses / Solution Dental Treatment Eye Exams / Eyeglasses Hospital Services Laboratory Fees Orthodontia Prescription Drugs and more Ineligible Expenses Cosmetic Services Massage Therapy Fitness Memberships Teeth Whitening Weigh-Loss Programs Nutritional Supplements Etc.

11 We Can Help You With Eligible Expenses Chard Snyder Mobile App Scan items for eligibility before you buy Chard Snyder Website Visit our website to find a full list of eligible items Chard Snyder Customer Service Call us with any questions

12 Using The Chard Snyder Benefit Card Use your Chard Snyder Benefit Card for a simple way to pay your payment comes right out of your account. Medical and Dental Offices Vision Care Urgent Care Hospitals Emergency Room visits Lab and Diagnostic facilities and more As of September 1, 2018, The Benny prepaid benefit card will be replaced by the Chard Snyder Benefit Card.

13 Chard Snyder Benefit Card Rules & Reminders The Chard Snyder Benefit Card can only be used for eligible expenses The Benefit Card is good for five years Save your itemized receipts when using the card Whomever signs the back of the card, owns the card

14 Another Way to Access HSA Funds Go online and pay bills directly to providers Self-pay at time of purchase or service and then pay yourself back from your HSA. It s a Simple transfer of funds process You must be able to show the IRS that any money you took out of your HSA was for eligible expenses.

15 You Can Invest Your HSA Advantage TM Savings Grow your HSA Advantage account with self-directed mutual fund investments. Decide how much you want to keep in cash and set the threshold ($1,000) HSA Advantage will sweep funds into out of your interestbearing account. You may transfer an existing HSA into your HSA Advantage Account

16 Health Savings Account Investments Once you reach the threshold amount in your HSA account you can begin to invest. Log in to your account and click on Manage Investments The HSA Investment Account page displays your portfolio, performance, elections, and returns. Select funds, and update future elections within the dashboard

17 Your Health Savings Account Beneficiary Spouse is the designated beneficiary. it will be treated as your spouse's HSA after your death. Spouse isn t the designated beneficiary. The account stops being an HSA, and The fair market value of the HSA becomes taxable to the beneficiary in the year in which you die. If your estate is the beneficiary, the value is included on your final income tax return. Add or update your Beneficiaries online in the Chard Snyder portal

18 The Chard Snyder Website Log into your account View your balance An employee benefits Manage Investments solution provider Upload your receipts since 1988 Update your information Enable Text Alerts Currently service nearly 1,400 companies nationwide Tools and Support Frequently asked questions Empowering Videos you to make Forms the most of your Tools money today and tomorrow

19 Manage your plan on the go Chard Snyder Mobile App Chard Snyder Mobile App View investment summary View account balances and transactions Request reimbursements Scan products for eligibility (Plan restrictions may apply)

20 Things to Remember When Using your Health Savings Account Follow the IRS Rules IRS penalties and perhaps further auditing 20% excise tax Income taxes are applied The Chard Snyder Benefit Card Good for 5 years; expiration date is on card Only use for eligible expenses Save All of Your Itemized Receipts Receipts must have: Name of person who incurred the service or expense Date of service during plan year Type of service Providers name and address Amount you owe You may be asked to provide proof at tax time your expenses from you HSA were eligible

21 How Can We Help You? Tools & Technology Chard Snyder Mobile App Access Balance and Transactions Submit Claims Chard Snyder Website www. chard-snyder.com Account Access Forms & Resources Customer Service Live Chat, Call, or Fax

22 Your tomorrow today